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American States Water (AWR) Meets Q2 Earnings Estimates
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American States Water Company (AWR - Free Report) reported second-quarter 2016 pro forma earnings of 45 cents per share, on par with the Zacks Consensus Estimate but higher than year-ago earnings by 9.8%.
The year-over-year increase was due to higher contribution from its Water and Contracted Services segments.
Revenue
American States Water’s operating revenues in the quarter were $111.9 million, which lagged the Zacks Consensus Estimate of $117 million by 4.3%. Revenues also decreased 2.4% year over year.
Operational Update
In the quarter under review, American States Water’s total operating expenses were $80.2 million, down 4.6% year over year.
American States Water’s interest expenses were $5.6 million, up 1.8% year over year.
Water segment earnings during the quarter were 36 cents, up 9.1% year over year. The upside was due to lower maintenance expenses, the recognition of a portion of the 2015 Water Revenue Adjustment Mechanism (“WRAM”) revenues that had previously been deferred, a decline in other operating expenses and a lower effective income tax rate.
Electric segment earnings were one cent, in line with the prior-year quarter.
Contracted Services segment earnings increased 16.7% to 7 cents. The year–over-year increase in earnings was due to growth in construction activity.
Financial Update
As of Jun 30, 2016, American States Water’s cash and cash equivalents were $4.5 million compared with $4.3 million as of Dec 31, 2015.
As of Jun 30, 2016, long-term debts were $320.9 million, flat with year-ago levels.
Net cash from operating activities in the first half of 2016 was $48.6 million, down from $63 million in the year-ago period.
Other Company Releases
Aqua America Inc.’s second-quarter earnings of 33 cents per share were on par with the Zacks Consensus Estimate.
California Water Service Group’s (CWT - Free Report) second-quarter 2016 operating earnings per share of 24 cents lagged the Zacks Consensus Estimate of 26 cents by 7.69%.
American Water Works Company’s (AWK - Free Report) second-quarter earnings per share of 77 cents were 6.9% higher than the Zacks Consensus Estimate of 72 cents.
Zacks Rank
American States Water currently has a Zacks Rank #3 (Hold).
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American States Water (AWR) Meets Q2 Earnings Estimates
American States Water Company (AWR - Free Report) reported second-quarter 2016 pro forma earnings of 45 cents per share, on par with the Zacks Consensus Estimate but higher than year-ago earnings by 9.8%.
The year-over-year increase was due to higher contribution from its Water and Contracted Services segments.
Revenue
American States Water’s operating revenues in the quarter were $111.9 million, which lagged the Zacks Consensus Estimate of $117 million by 4.3%. Revenues also decreased 2.4% year over year.
Operational Update
In the quarter under review, American States Water’s total operating expenses were $80.2 million, down 4.6% year over year.
American States Water’s interest expenses were $5.6 million, up 1.8% year over year.
AMER STATES WTR Price, Consensus and EPS Surprise
AMER STATES WTR Price, Consensus and EPS Surprise | AMER STATES WTR Quote
Segment Details
Water segment earnings during the quarter were 36 cents, up 9.1% year over year. The upside was due to lower maintenance expenses, the recognition of a portion of the 2015 Water Revenue Adjustment Mechanism (“WRAM”) revenues that had previously been deferred, a decline in other operating expenses and a lower effective income tax rate.
Electric segment earnings were one cent, in line with the prior-year quarter.
Contracted Services segment earnings increased 16.7% to 7 cents. The year–over-year increase in earnings was due to growth in construction activity.
Financial Update
As of Jun 30, 2016, American States Water’s cash and cash equivalents were $4.5 million compared with $4.3 million as of Dec 31, 2015.
As of Jun 30, 2016, long-term debts were $320.9 million, flat with year-ago levels.
Net cash from operating activities in the first half of 2016 was $48.6 million, down from $63 million in the year-ago period.
Other Company Releases
Aqua America Inc.’s second-quarter earnings of 33 cents per share were on par with the Zacks Consensus Estimate.
California Water Service Group’s (CWT - Free Report) second-quarter 2016 operating earnings per share of 24 cents lagged the Zacks Consensus Estimate of 26 cents by 7.69%.
American Water Works Company’s (AWK - Free Report) second-quarter earnings per share of 77 cents were 6.9% higher than the Zacks Consensus Estimate of 72 cents.
Zacks Rank
American States Water currently has a Zacks Rank #3 (Hold).
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